LONCIN(SH:603766) 东吴汽车黄细里团队·2025-08-27 13:23Core Viewpoint - The company reported strong performance in its 2025 Q2 results, with revenue and net profit exceeding expectations, driven by growth in motorcycle and machinery segments [3][4][8]. Group 1: Financial Performance - In 25Q2, the company achieved revenue of 5.11 billion yuan, a year-on-year increase of 16.8% and a quarter-on-quarter increase of 10% [3]. - The net profit attributable to the parent company for 25Q2 was 567 million yuan, reflecting a year-on-year growth of 71% and a quarter-on-quarter growth of 12% [3]. - The overall gross margin for 25Q2 was 19.7%, up 0.3 percentage points year-on-year and 1.6 percentage points quarter-on-quarter [7]. Group 2: Business Segments - The motorcycle business generated revenue of 7.27 billion yuan in 25H1, a year-on-year increase of 23.1%, with a gross margin of 19.8% [4]. - The "Wujie" brand saw revenue of 1.98 billion yuan in 25H1, up 30.3% year-on-year, with exports growing by 83.3% [4]. - The machinery segment reported revenue of 2.19 billion yuan in 25H1, a significant year-on-year increase of 52.8%, with riding lawnmowers showing a remarkable growth of 94.2% [6]. Group 3: Profitability and Cost Management - The company maintained a downward trend in expense ratios, with sales, management, and R&D expense ratios at 1.1%, 2.4%, and 1.9%, respectively [7]. - The net profit margin for 25Q2 was 11.1%, an increase of 3.67 percentage points year-on-year [7]. Group 4: Future Outlook - The company maintains its profit forecasts for 2025-2027, projecting net profits of 1.87 billion, 2.28 billion, and 2.54 billion yuan, respectively [8]. - The company is expected to benefit from the trend of motorcycle exports and the growth in three-wheeled vehicles and garden machinery [8].